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HDFC Bank to launch digital wallet

HDFC Bank

HDFC Bank, India's second largest private sector lender, will be launching a digital wallet and market place for various online merchants, reports the Times of India. The launch of a wallet marks a huge shift in strategy for the lender which is currently the largest issuer of credit cards in the country  - over 5.5 million outstanding credit cards at the end of October according to Reserve Bank of India data. Speaking to the publication, the bank said that it is changing its strategy as it is seeing a shift in e-commerce from desktops to mobiles. The launch of a wallet would also enable contactless payments over mobiles using near-field communications (NFC). The bank is also pushing its customers to adopt mobile banking and recently improved its application which now allows 75 banking transactions. HDFC Bank recently beat rival ICICI Bank to the…

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